INDO vs XLF: Correlation
Measured on weekly returns over the past three years, Indonesia Energy Corporation Limited (INDO) and Financial Select Sector SPDR Fund (XLF) carry a correlation of -0.15, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are INDO and XLF?
Over the past 3 years, INDO and XLF moved with a correlation of -0.15, which is negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.12 lands near the 3-year figure. Over 5 years the correlation is -0.08, and the annualized covariance of weekly returns is -265.2 %².
Among the 102 assets we track against INDO, XLF ranks #16 by 3-year correlation. On 12-month performance XLF holds a 10.7-point edge, -1.4% against +9.3%. Note the risk asymmetry: INDO runs 6.7 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
How is this computed?
Pearson correlation on weekly returns: ρ(A,B) = cov(rA, rB) / (σA · σB), over windows of 52, 156 and 260 weeks. Covariance is annualized (×52) and expressed in %². Full definitions on the methodology page.
INDO vs XLF: side by side
| INDO (Indonesia Energy Corporation Limited) | XLF (Financial Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | -1.4% | +9.3% |
| 5-year return | -43.5% | +64.2% |
| Volatility (ann.) | 108.1% | 16.2% |
| Beta vs S&P 500 | -0.65 | 0.84 |
| Max drawdown (3Y) | -65.1% | -15.5% |
| Market cap | – | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 1.42% |
| Expense ratio | – | 0.08% |
| Assets under management | – | $57.9B |
| Sector / category | US Listed | Sector ETF |
XLF is a Financial fund from State Street Investment Management: $57.9B under management, 77 holdings, a 0.08% expense ratio, a 1.42% trailing dividend yield.
Year-by-year returns
| Year | INDO | XLF |
|---|---|---|
| 2022 | +66.4% | -10.6% |
| 2023 | -41.8% | +12.0% |
| 2024 | +2.6% | +30.6% |
| 2025 | +5.4% | +14.9% |
| 2026 | -3.8% | +6.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are INDO and XLF good diversifiers for each other?
Yes: at -0.15, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between INDO and XLF?
The INDO/XLF correlation stands at -0.15 on a 3-year window (1 year: -0.12, 5 years: -0.08), computed from weekly returns as of 2026-08-27.
Is XLF a good diversifier for INDO?
Yes: at -0.15, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.15 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
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Related comparisons
Hubs: INDO correlations · XLF correlations
